Richwood On The River

Milton

1975

Gar Wood was a famous inventor and entrepreneur in the mold of Howard Hughes. The inventor of the hydraulic lift and other industrial machinery, he also set multiple world water speed records in his custom made line of racing boats. Mr. Woods owned Richwood On The River, a 160 acre horse ranch with a 25 room main house, guest houses, horse barns, white picket fences and a quarter mile of frontage on the Ohio River where he raced his famous boats.

When Gar Wood died he left the property to his estate manager. However, Gar Wood’s son contested the will so the estate manager entered into a partnership with Walsh Investment to pay the property off.  The property continued to operate as horse ranch and tobacco farm. The property had a “tobacco base” so we had a guaranteed buyer at a fixed price but could not expand the operation.

The horse breeding and tobacco farm operation generated a small income stream but the primary return on investment was realized through property value appreciation when the property was sold a few years later to a race horse breeder who was able to get financing from the real estate investing arm of an insurance company.

Lessons Learned

Property was too far away to give attention to and didn't want to make other investments in the area.